Max Connelly from A Grade Tax Accountants Penrith has been accredited by ASIC as a Self Managed Super Fund (SMSF) auditor.
Contact A Grade Tax to arrange a quotation for your SMSF audit requirements.
2012 Personal Tax Return Checklist
It will assist us to maximise your refund if you review the following checklist and bring all relevant information with you to your appointment.Download a printable PDF version of this newsletter here
- Payment summaries for wages.
- Centrelink Statement in respect of:
- Tax-free Exempt Pension income received. (e.g., Disability Support Pension, Carer payments and Invalidity Service Pension etc.)
- Taxable support payments such as Newstart
- Payment summaries for superannuation pensions, lump sums and employment termination payments.
- Payment summaries for govt pensions & allowances.
- Interest received from banks etc.
- Dividends received or reinvested (bring statements).
- Partnership and/or Trust income.
- Managed Funds (investments) Tax Statements.
- Details of business income and expenses, including GST information where applicable.
From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. You need to report these payments to the Australian Taxation Office (ATO) on the Taxable Payments Annual Report.
To make it easier to complete the annual report you may need to change the way you currently record your contractor information.
As part of the 2011-12 Federal Budget, the government announced the introduction of taxable payments reporting for businesses in the building and construction industry.
The aim of the system is to improve compliance with tax obligations by those contractors who are currently not doing the right thing.
The information reported about payments made to contractors will be used for the ATO's data matching to detect contractors who have not:
- lodged tax returns
- included all their income in returns that have been lodged.
Who needs to report?
From 1 July 2012 you need to report if all of the following apply:
- you are a business that is primarily in the building and construction industry
- you make payments to contractors for building and construction services
- you have an Australian business number (ABN).
You are considered to be a business that is primarily in the building and construction industry if any of the following apply:
- in the current financial year, 50% or more of your business activity relates to building and construction services
- Individuals Personal Income Tax
- Rental Properties
- Sole Trader Business Returns
- Self Managed Superannuation Funds
- Small Business Tax Returns Penrith
- Penrith Accountants
Business Activity Statements ( BAS ) Returns
Tax PlanningWith the provision of up to date accounting information for small businesses, we can project likely end of year tax estimates and discuss with you options to reduce your tax bill in the current year.
Small business tax advice in the Penrith region.Including taxation advice on the purchase of new business ventures, appropriate tax structure alternatives, associated registration requirements and small business bookkeeping in the Penrith region.
Monthly Financial Analysis of actual accounting results to assist small business in Penrith with the ongoing management of the business.
- Small business bookkeeping in the Penrith region, including MYOB support.
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